HomeAltcoin NewsRipple Price Analysis: XRP Signaling Further Gains Above $0.4600

Ripple Price Analysis: XRP Signaling Further Gains Above $0.4600

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  • Ripple price declined sharply and tested the main $0.4000 support area against the US dollar.
  • The price is currently moving higher and it might continue to rise towards the $0.4800 level.
  • There is a major bullish trend line forming with support near $0.4400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The price remains well supported on dips and it could continue to rise above the $0.4600 level.

Ripple price is showing positive signs above $0.4200 against the US Dollar. XRP is likely to continue higher and it could even break the key $0.5000 resistance area.

Ripple Price Analysis

This past week, there was a key downside correction in bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. The XRP/USD pair declined heavily from the $0.4755 swing high. There was a break below the $0.4500 support level. The price even declined below the $0.4400 support level and the 50% Fib retracement level of the upward move from the $0.3617 swing low to $0.4755 high.

The decline was such that the pair even spiked below the $0.4200 level and the 55 simple moving average (4-hours). The price tested the 61.8% Fib retracement level of the upward move from the $0.3617 swing low to $0.4755 high. More importantly, it tested the $0.4000 support area and recently bounced back above $0.4200. There was a slow and steady rise above the $0.4350 level and the 55 SMA. Besides, there is a major bullish trend line forming with support near $0.4400 on the 4-hours chart of the XRP/USD pair.

If there is a downside correction, the price might find bids near the $0.4400 support. A clear break below the trend line support could start a major decline towards the $0.4200 support area. Any further declines could push the price towards the $0.4000 support. On the upside, the price seems to be struggling near the $0.4600 level. If the bulls gain pace above the $0.4600 level, the price could accelerate higher. On the upside, the next key resistance is near the $0.4800 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently trading with a positive bias above the $0.4400 support. There are chances of more gains once there is a clear break above the $0.4600 level. More importantly, if the bulls remain in action, the price could test the $0.5000 barrier in the near term.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level and it could continue to rise.

Key Support Levels – $0.4400, $0.4350 and $0.4200.

Key Resistance Levels – $0.4600 and $0.4800.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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